September 2, 2022 Sports Betting, Finance, Results

July sports wagering handle in Virginia increased 64% year-over-year

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Between July 1 and July 31, 2022, Virginians bet over $266m through fourteen licensed operators.

The Virginia Lottery has released its numbers for the month ending on July 31, 2022. Through the month of July, bettors in Virginia wagered over $266m through fourteen licensed operators.

These numbers reflect a 64% year-over-year increase from the same month in 2021 when there were only seven operators in the state.

Virginia bettors won over $239m for a combined 9.78% operator win percentage. Regulated sports betting in the state began in January of 2021.

Thirteen licensed operators accepted mobile sports wagers in Virginia during the month of July. Hard Rock Bristol launched its retail sports book in July and offered mobile betting throughout the month as well. 

Adjusted gross revenue (AGR) in the state was over $21.3m, eight operators reported net positive AGR for July, leading to $3.1m in tax payments for the month.

Of the state tax on sports betting AGR, the statute specifies that 97.5% is to be deposited in the state’s General Fund and 2.5% is to be deposited into the Problem Gambling Treatment and Support Fund administered by the Virginia Department of Behavioral Health.

In early August, the Virginia Lottery contributed $779.6m to K-12 public schools in the state and revealed record results for the fiscal year. 

Virginia Lottery Executive Director Kelly Gee commented: "Solid business practices supported by a broad offering of games to our players and the opportunity for our valued retail partners to earn commissions and bonuses are what led to this record year"

"We had positive impacts in every corner of the state, from players winning record amounts of prizes to retailers benefitting from their ticket sales. All of this means great news for our K-12 public schools."

Of the $3.75bn in lottery sales in Virginia for the year, over $2.67bn went back to players as prizes.

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